FPA Queens Road Value Fund
SCHEDULE OF INVESTMENTS
As of February 28, 2026 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS — 89.5%  
  AEROSPACE & DEFENSE — 7.8%  
8,000 General Dynamics Corp. $2,856,400
6,600 RTX Corp. 1,337,292
    4,193,692
  ASSET MANAGEMENT — 6.7%  
6,000 Ameriprise Financial, Inc. 2,820,720
7,900 T. Rowe Price Group, Inc. 747,577
    3,568,297
  BANKING — 5.0%  
9,000 JPMorgan Chase & Co. 2,702,700
  BIOTECH & PHARMA — 7.1%  
13,820 Merck & Co., Inc. 1,711,192
76,000 Pfizer, Inc. 2,101,400
    3,812,592
  DIVERSIFIED INDUSTRIALS — 1.1%  
3,600 3M Co. 595,152
  ELECTRICAL EQUIPMENT — 15.9%  
3,400 Allegion PLC 547,910
10,000 Eaton Corp. PLC 3,759,200
9,200 Trane Technologies PLC 4,253,344
    8,560,454
  ENTERTAINMENT CONTENT — 1.0%  
5,151 Walt Disney Co. 546,212
  FOOD — 5.4%  
10,000 Hershey Co. 2,362,800
9,000 Mondelez International, Inc. - Class A 554,220
    2,917,020
  HEALTH CARE FACILITIES & SVCS — 5.2%  
30,000 Centene Corp.* 1,346,400
4,500 Elevance Health, Inc. 1,440,000
    2,786,400
  INSTITUTIONAL FINANCIAL SVCS — 3.2%  
14,500 Bank of New York Mellon Corp. 1,726,950
  INSURANCE — 6.1%  
3 Berkshire Hathaway, Inc. - Class A* 2,271,000
10,000 Prudential Financial, Inc. 983,800
    3,254,800
  LEISURE FACILITIES & SERVICES — 2.7%  
4,225 McDonald's Corp. 1,440,979
  MACHINERY — 1.6%  
9,000 Ingersoll Rand, Inc. 847,260
FPA Queens Road Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of February 28, 2026 (Unaudited)
Number
of Shares 		  Value
  COMMON STOCKS (Continued)  
  MEDICAL EQUIPMENT & DEVICES — 2.6%  
6,300 Danaher Corp. $1,327,032
900 Solventum Corp.* 66,780
    1,393,812
  SEMICONDUCTORS — 2.2%  
26,000 Intel Corp.* 1,185,860
  SOFTWARE — 5.0%  
18,395 Oracle Corp. 2,674,633
  SPECIALTY FINANCE — 6.3%  
11,000 American Express Co. 3,397,900
  TECHNOLOGY HARDWARE — 3.1%  
20,700 Cisco Systems, Inc. 1,644,822
  TRANSPORTATION & LOGISTICS — 1.5%  
3,000 Union Pacific Corp. 794,940
  TOTAL COMMON STOCKS  
  (Cost $14,849,972) 48,044,475
  SHORT-TERM INVESTMENTS — 10.5%  
  MONEY MARKET INVESTMENTS — 10.5%  
5,653,238 Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.50%(a) 5,653,238
  TOTAL SHORT-TERM INVESTMENTS  
  (Cost $5,653,238) 5,653,238
  TOTAL INVESTMENTS — 100.0%  
  (Cost $20,503,210) 53,697,713
  Liabilities in Excess of Other Assets — (0.0)% (7,690)
  TOTAL NET ASSETS — 100.0% $53,690,023
    
PLC – Public Limited Company
    
*Non-income producing security.
(a)The rate is the annualized seven-day yield at period end.